My landlord is increasing my rent another $500 per month!

My landlord is increasing my rent another $500 per month. <br><br>My one bedroom apartment was going for $2,300 per month. I thought that was already very expensive. I pay for water and trash, they pay for electric and gas.<br><br>This is the 3rd increase in 12 months. The initial 1 month rent agreement stated a $150 “administration fee”. Now they’re changing my rent agreement to 2% yearly increase and a 6 month lease. <br><br>So, the landlord is increasing my rent by $500 per month plus the 2% yearly increase and making me sign a 6 month agreement. What should I do? What is the best way to approach them? What should I ask for? I feel like I’m in a hostage situation and they have me right where they want me. The only thing I can do is walk away and find another apartment. But dang, I’m so frustrated! <br><br>I’m paying almost 30% of my income on rent. I’ve been reading about the 50/30/20 rule. But with these rent prices it seems impossible to have savings. <br><br>What are your thoughts? <br><br>TIA!